Thursday, January 21, 2010

Buffett: Obama Wrong On "Bank Tax"

Remember how Warren Buffett was trumpeted as Obama's "economic guru" in 2008?  Well, Buffett is no longer on the same page when it comes to Obama's so-called "bank tax":

"Warren Buffett opposes President Barack Obama’s proposed levy on financial institutions because firms including Goldman.  I don’t see any reason why they should be paying a special tax,” said Buffett, the chairman and chief executive officer of Berkshire Hathaway Inc., in an interview on Bloomberg Television today. Supporters of the plan to tax the banks “are trying to punish people,” he said. “I don’t see the rationale for it.”

“Look at the damage Fannie and Freddie caused, and they were run by the Congress,” said Buffett. “Should they have a special tax on congressmen because they let this thing happen to Freddie and Fannie? I don’t think so.”

Spot on, Mr. Buffett.  Glad you have finally seen the light.  Class envy is always the wrong way to go.

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